Patterson wants G-8 to expand debt relief to more countries
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He said that the urgent requirements of other developing countries should not be overlooked, particularly those of Small Island Developing States. Finance ministers from the world’s richest countries, grouped together in the G-8, last weekend agreed to cancel US$40 billion (euro33 billion) of debt owed by 18 of the world’s poorest nations, most of them in Africa. Much of the debt was owed to international institutions such as the World Bank. The G-8 countries pledged to provide additional funds to compensate the World Bank and African Development Bank in full for the assets written off. They also agreed to meet any shortfall that the IMF could not cover from its own internal resources. Patterson said that development was fundamental to security and the achievement of the overall goals and objectives of the United Nations (UN) by 2015, and that any reform must take into consideration the transfer of resources through the establishment of commitments on economic cooperation. The reforms, said Patterson, should include the strengthening of those organs of the UN that would empower it to participate more meaningfully in decision-making that related to international economic affairs. “There is the need to deal with systemic issues, which operate to the detriment of developing countries. In the trade regime, financial monetary system and the rules of access to technology, there still remain severe inequities that restrict our development prospects. Unless the rules are changed, we will not be able to break free from the bondage of underdevelopment,” Patterson said. The Jamaican prime minister also told the G-77 leaders that globalisation and interdependence were hallmarks of the current global economic order and the formulation of international economic policies therefore required a broader level of consultation and decision-making. Patterson, addressing the Second South Summit of the G-77, of which he is chairman, said the group was ready and willing to meet with developed countries, including members of the G-8, to foster a global partnership and cooperation agreement. “We are ready to participate in the strengthening of a global system that works for the benefit of all,” the Jamaican prime minister said. He added that in order to maintain the momentum and credibility of the Development Round on trade, which was launched in Doha, meaningful progress must be made at the ministerial meeting scheduled for Hong Kong later this year. |